Cryptocurrency Exchange Gate.io Invests $10 Million in The Open Network (TON) Blockchain

Cryptocurrency exchange Gate.io has made a significant strategic investment in The Open Network (TON) blockchain, aiming to enhance Telegram-based projects. On October 9, Gate.io announced a $10 million investment in TON, coinciding with a slight dip in Toncoin prices as the broader cryptocurrency market struggled for momentum.

Gate.io’s investment will support collaboration with the TON Foundation to drive the growth of blockchain and web3 projects within the Telegram ecosystem. This move comes amid a surge in TON-based projects, including popular tap-to-earn games like Hamster Kombat and Catizen, which have been attracting a growing number of users. Notcoin is another project benefiting from its integration with Telegram.

Supporting the TON Ecosystem

Gate.io’s investment aims to introduce new products that will accelerate innovation in TON-powered Telegram projects. Planned initiatives include the development of centralized finance Telegram mini-apps and the launch of a Gate Wallet within Telegram.

Additionally, Gate Group will participate in the Hackers League hackathon, which offers up to $2 million in prizes and is drawing top TON projects. This event will focus on developing interoperability solutions such as bridges, cross-chain swaps, and liquidity protocols. The goal is to connect different networks, thereby boosting TON’s total value locked (TVL), transaction volumes, and overall adoption.

Current State of TON’s Total Value Locked (TVL)

According to recent data, TON’s TVL stands at $720 million, down from a peak of $1.12 billion in July 2024. The earlier surge in TON’s TVL was partly driven by a spike in the use of Telegram mini apps.

“Gate.io’s investment in TON is set to bring innovative solutions to the Telegram ecosystem, enhancing user experience and driving blockchain adoption.”

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